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Possible Bearish Inside Day Candle Pattern Detected for Valero Energy (NYSE:VLO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Valero Energy (NYSE:VLO) based on the price action in the company's shares. Yesterday's price range of $72.64 and $73.20 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Valero Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Valero Energy Corporation is an independent petroleum refining and marketing company that owns and operates refineries in the United States, Canada, and Aruba. The Company produces conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products, as well as offers diesel fuel, low-sulfur and ultra-low-sulfur diesel fuel, and oxygenates.

In the past 52 weeks, Valero Energy share prices have been bracketed by a low of $68.81 and a high of $126.98 and closed yesterday at $73.14, 6% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 0.9%.

Valero Energy (NYSE:VLO) has potential upside of 58.5% based on a current price of $73.14 and analysts' consensus price target of $115.95. The stock should find initial resistance at its 50-day moving average (MA) of $84.01 and further resistance at its 200-day MA of $89.57.

SmarTrend recommended that its subscribers protect gains by selling shares of Valero Energy on May 7th, 2019 by issuing a Downtrend alert when the shares were trading at $84.08. Since that call, shares of Valero Energy have fallen 12.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle valero energy

Ticker(s): VLO